The Luminance debate, Iol.co.za/business – Iol Business Report
The story in the City Press on September 7, headlined “Luminance Loan was not quite paid”, continues to perpetuate a dead story.
This and other stories continue to perpetuate selective criticism of black economic empowerment (BEE) and economic transformation in general.
“The National Empowerment Fund (NEF) has been paid back the remainder of the loan portion that remained unpaid after the borrower was said to have kept her payment commitments”, and the fact that the loan was not quite paid, who cares?
The notion of debt restructuring is a normal business financing practice and, of course, it has nothing to do with BEE.
The ensuing debate on the funding of Luminance, a retail business founded by the enterprising Khanyi Dhlomo of Ndalo Luxury Ventures, demonstrates the absence of real “headline grabbing news” and displays a lack of understanding of the core objectives of BEE and its broader scope towards total economic emancipation for the majority of black people.